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Soros recognized the pound was overvalued versus the German mark and started to bet against the Tracking forex box currency.
It was during the summer of when Soros began building a short position in the British pound. The British government defended the this web page by raising interest rates more and more.
The government soon realized it would pay out massive amounts of money to trade site the pound.
German officials also made public statements that realignment within the ERM might be possible in mid-September.
In response to these comments by German officials, Soros decided to increase the size of his bet massively. He knew that the British government was having trouble keeping the currency trade site up.
Either the pound stayed relatively stable, in which case Soros and trade site investors would lose a little money, or the alternative was their bet would pay trade site. Thus, this was a low-risk, high-opportunity trade.
The British government was forced to abandon the ERM and begin allowing its currency to float freely on trade site evening of Sept. Soros also allegedly made a massive bet against the Thai baht during the Asian financial crisis in The Malaysian Prime Minister later accused Soros of attacking Southeast Asian currencies, making a number of anti-Semitic comments against the hedge fund manager as well.
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